26 October 2023

HM Revenue and Customs (HMRC) has published the ‘Pension schemes newsletter 153 — October 2023’. The newsletter is published by HMRC’s pension schemes services to update stakeholders on the latest news for pension schemes.

Here are some of the key highlights:

  • pension flexibility statistics - information on the number of tax repayment claim forms processed for pension flexibility payments is now available. The tax repayment figures for the period 1 October 2023 to 31 December 2023 will be published in ‘Pensions schemes newsletter ― January 2024’
  • registration statistics - for the period 6 April 2023 to 30 September 2023 HMRC received in total 831 applications to register new pension schemes. Of these applications, 57% have been registered and HMRC has currently refused registration for about 12% of applications. No decision has yet been made on the remainder
  • managing pension schemes service - pension scheme administrators and practitioners can now use the managing pension schemes service to create, compile and view event reports in-year, for the tax year 2023/24 onwards
    • two steps to migrating your schemes - enrol and migrate: take action to migrate your pension schemes now
    • pension scheme return - make sure your pension scheme administrator details are up to date. The pension scheme return will be used to ensure compliance with the Finance Act 2004. This means HMRC will ask for more information than used to for previous pension scheme returns completed on the pension schemes online service. HMRC will be extending the requirement to submit a pension scheme return to more schemes, this means even if you have not previously received a notice to file a pension scheme return, you might in the future
    • types of pension scheme return - there will still be two types of the pension scheme return, standard and self-invested personal pensions (SIPP). The type of scheme you have registered will determine which pension scheme return you will have to complete.

Information provided in this news article may be subject to change. Please make note of the date of publication to ensure that you are viewing up to date information.